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International Reserves at USD 38.8 Billion in November

International Reserves at USD 38.8 Billion in November

As of 1 December 2023, Ukraine had USD 38,785.2 million in international reserves, preliminary data show. In November, international reserves fell by 0.5%. NBU interventions to maintain exchange rate sustainability were largely offset by aid inflows from international partners, as were the country’s debt payments.

Overall, a number of factors shaped international reserve dynamics in November 2023:

First, the NBU’s transactions in the Ukrainian FX market

The NBU sold USD 2,456.6 million on the FX market and bought USD 3.7 million to replenish international reserves, according to balance sheet data. The NBU thus made USD 2,452.9 million in net FX sales in November, down by a factor of 1.4 from October, after the market successfully adjusted to managed flexibility of the exchange rate. The NBU’s interventions to sell foreign currency in November also decreased by almost 10% from September, i.e. compared to before the central bank abandoned the fixed exchange rate regime.

Second, inflows into government accounts, and payments to service and repay public debt

A total of USD 2,328.7 million came into the government's FX accounts with the NBU. That includes:

  • USD 1,635.9 million in macrofinancial support from the EU
  • USD 403.8 million from the World Bank, including USD 400.0 million guaranteed by the United Kingdom
  • USD 286.9 million from the placement of FX domestic government debt securities.

Ukraine’s government spent USD 109.2 million to service and repay FX public debt. That included USD 38.6 million to repay the debt to the EIB, USD 30.9 million to repay the World Bank, and USD 30.8 million in repayments to the EBRD. The rest went towards meeting the country’s commitments to other international creditors.

In addition, Ukraine repaid USD 250.3 million to the International Monetary Fund.

Third, the revaluation of financial instruments (due to changes in their market value and exchange rate fluctuations)

Financial instruments increased in value by USD 283.8 million in November due to revaluation.

International reserves are now covering 5.2 months of future imports

Data on international reserves and FX liquidity are compiled and released on a monthly basis:  

  • for preliminary data, no later than on the 7th day after the reporting month ends
  • for revised data, no later than on the 21st day after the reporting month ends.

Revised data are available here.

For reference

Data on Ukraine’s international reserves, public debt management, and the revaluation of financial instruments are presented in the U.S. dollar equivalent.


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